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Oil rose toward a sixth weekly gain after OPEC+ reached a tentative deal to extend record output cuts and U.S. jobs data beat expectations. Brent rose above $42 a barrel and New York futures gained about 5%.
Delegates said all OPEC+ members agreed to comply with their quotas.
Extended supply curbs and a stronger labor market support crude demand expectations, which lifts diesel and energy costs for feed mills. Compliance concerns remain a risk to the rally.
ttnews.comElizabeth Low, Alex LongleyJun 5, 2020After 438 past bullish policy events, Crude Oil (WTI) moved a median +0.9% over 5 sessions (61% higher; middle half -2.2% to +4.6%), and +2.0% over 20.
After 442 past bullish policy events, Crude Oil (Brent) moved a median +1.4% over 5 sessions (60% higher; middle half -2.0% to +4.9%), and +2.1% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
